ONEOK (NYSE:OKE) 2025 Earnings Call Presentation

Financial Performance and Guidance - ONEOK's 2025 adjusted EBITDA guidance is $8.225 billion at the midpoint of the $8 billion to $8.45 billion range[14, 23, 25] - The company is targeting 3%-4% annual dividend growth and a dividend payout ratio of approximately 85% or lower[31] - ONEOK returned approximately $2.5 billion to shareholders in 2024 through dividends and share repurchases and is targeting to return approximately 75-85% of forecasted cash flow from operations[32] - Second quarter 2025 adjusted EBITDA was approximately $2 billion[47] Business Segments and Operations - Natural Gas Liquids contribute 37% to the adjusted EBITDA[14] - Natural Gas Gathering and Processing contribute 28% to the adjusted EBITDA[14] - Refined Products and Crude contribute 27% to the adjusted EBITDA[14] - Natural Gas Pipelines contribute 8% to the adjusted EBITDA[14] - The company's pipeline network spans approximately 60,000 miles[5, 11] Synergies and Growth Projects - Magellan synergies are expected to be over $350 million realized by the end of 2025[27] - EnLink and Medallion synergies are expected to be over $125 million realized by the end of 2025[29] - The Texas City Logistics Export Terminal JV is a 400,000 bpd LPG export terminal expected to be completed in early 2028[33, 61]